At The Company Real Estate Properties, we are committed to providing you information that is vital to navigating your housing needs. There are various kinds of houses you will come across when renting, leasing or buying property. In an unregulated market like Nigeria’s it is important to arm yourself with the appropriate information to avoid scams, money loss and stress.
Some of the common types of houses that you may come across include core and shell, semi-finished, and fully finished houses.In this article, we will explore the differences between these three types of houses and highlight the importance of knowing these differences.
Core and Shell Houses
Core and shell houses refer to homes that have the essential structural components such as the foundation, roof, and exterior walls. However, the interior finishes, such as the flooring, walls, ceiling, and fixtures, are left unfinished. In other words, a core and shell house is an unfinished building that requires additional work before it can be habitable. Typically, the buyer or renter will need to complete the interior finishes according to their preferences and requirements.
Semi-Finished Houses
Semi-finished houses, on the other hand, have some level of completion but are not entirely finished. They may have the essential structural components in place, as well as some finishes such as flooring, walls, and ceiling. However, other areas may require additional work, such as the installation of doors, windows, and fixtures. These houses are often sold at a lower price than fully finished homes but may require some additional investment to make them habitable.These are often rented out solely for commercial purposes such as business addresses like mall spaces as opposed to residential renting or leasing.
Fully Finished Houses
Fully finished houses refer to homes that have all the essential structural components in place and are complete with interior finishes such as flooring, walls, ceiling, fixtures, and appliances. These homes are ready for occupancy and do not require any additional work before moving in. Fully finished homes are often more expensive than core and shell or semi-finished homes but offer the convenience of being move-in ready. Houses are often sold fully finished in Nigeria, however they are more prevalent in the residential renting market.
It is important to note that renovations on fully finished homes need to be discussed at length when renting or leasing. Most tenancy agreements contain information regarding renovations or repairs as renters are not entitled to refunds from landlords according Nigerian real estate regulations.
Knowing the differences between core and shell, semi-finished, and fully finished houses is essential when it comes to making a decision on buying, building or renting a home. For instance, if you're on a tight budget, a core and shell or semi-finished house may be a more affordable option. However, you need to factor in the additional costs of finishing the house before it can be habitable. On the other hand, if you're looking for a move-in ready home, a fully finished house may be the best option, even though it may come at a higher cost.
Additionally, the differences between these types of houses can also affect the resale value of the property; a fully finished house may have a higher resale value compared to a core and shell or semi-finished house since it's ready for occupancy.
In conclusion, understanding the differences between core and shell, semi-finished, and fully finished houses is crucial when it comes to making a decision on buying, building or renting a home. It helps you make an informed decision that takes into account your budget, preferences, and future plans. Whether you choose a core and shell, semi-finished, or fully finished house, it's essential to ensure that the house meets your needs and fits your lifestyle. At the Company Real Estate properties, we offer finishing services for core and semi-finished properties and renovations for fully finished properties.
